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Solana Fees Plunge To 2024 Lows: Will SOL Drop Below $100?
- Solana transaction fees have hit record lows, dropping to their lowest level since September 2024 due to reduced network congestion.
- The base fee per transaction remains at 0.000005 SOL while Priority Fees make up over 97.5% of total fees.
- During the same period of falling transaction fees, SOL prices have decreased by over 50% to below $130, raising concerns of further decline below $100.
- The drop in SOL prices could deepen if Bitcoin fails to pick up, potentially dragging the entire crypto market down.
- The decrease in meme coin activity has led to a decline in the Solana DeFi ecosystem, with total value locked reduced from $12 billion to $6.7 billion.
- Concerns are rising as whales might start selling their SOL holdings, especially if prices fail to recover past key levels like $150 and $170.
- Recent significant SOL transfers to centralized exchanges like Kraken suggest potential for further price declines due to increased selling pressure.
- Investors are looking into alternative cryptocurrencies amidst the declining onchain activity and potential further price drops for SOL.
- The decrease in meme coin demand has been a major factor in the falling SOL prices, which have plunged from an all-time high of $295 to below $130.
- There is uncertainty whether SOL will drop below $100, with market sentiment and whale actions likely to influence its future price trajectory.
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